# Table 3: Phillips Curve with Demographic Interactions

| Variable | (a) Full | (b) OECD | (c) Pre-GFC | (d) Post-GFC | (e) old_dep interact | (f) WAS interact |
|---|---|---|---|---|---|---|
| output_gap | 0.166*** (0.034) | 0.176*** (0.040) | 0.118*** (0.036) | 0.503*** (0.082) | 0.097 (0.078) | 0.793 (0.529) |
| Z_1 | -2.951 (4.322) | -5.335 (4.787) | -0.250 (4.817) | -4.484 (18.735) | -2.387 (4.351) | -2.687 (4.306) |
| Z_2 | 0.214 (0.572) | 0.471 (0.631) | 0.045 (0.642) | -0.018 (2.468) | 0.136 (0.577) | 0.164 (0.570) |
| Z_3 | -0.002 (0.021) | -0.010 (0.023) | -0.002 (0.024) | 0.018 (0.091) | 0.001 (0.022) | 0.000 (0.021) |
| Z_1_x_output_gap | -0.020 (0.042) | -0.024 (0.048) | 0.070 (0.060) | -0.068 (0.088) |  |  |
| old_dep_x_output_gap |  |  |  |  | 0.233 (0.304) |  |
| working_age_share_x_output_gap |  |  |  |  |  | -0.956 (0.791) |
| rgdp_growth | 0.070*** (0.021) | 0.063*** (0.022) | -0.101*** (0.030) | -0.114*** (0.031) | 0.067*** (0.021) | 0.069*** (0.021) |
| fiscal_bal_gdp | -0.016 (0.014) | -0.019 (0.015) | -0.004 (0.017) | 0.100*** (0.038) | -0.014 (0.014) | -0.016 (0.014) |
| kaopen | -0.394*** (0.072) | -0.503*** (0.082) | -0.348*** (0.070) | -1.024** (0.483) | -0.401*** (0.073) | -0.396*** (0.072) |
| nfa_gdp_lag | -0.020 (0.110) | 0.001 (0.122) | -0.252 (0.215) | -0.065 (0.342) | -0.043 (0.111) | -0.042 (0.109) |
| inflation_lag | 0.712*** (0.018) | 0.698*** (0.019) | 0.749*** (0.018) | -0.062 (0.048) | 0.708*** (0.018) | 0.711*** (0.018) |
|---|---|---|---|---|---|---|
| R² | 0.729 | 0.740 | 0.865 | 0.051 | 0.729 | 0.729 |
| N obs | 925 | 873 | 509 | 416 | 925 | 925 |
| N countries | 26 | 24 | 26 | 26 | 26 | 26 |